Articles by Bimal Jain

Taxability of newly taxable services from June 1, 2015

Posted by Bimal Jain 22 May 2015 24641 Views

Dear Professional Colleague,Taxability of newly taxable services from June 1, 2015The Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified that the following changes in relation to the Negative L

New Service tax rate of 14%(Subsuming EC and SHEC) to come into effect from 1st June and other changes

Posted by Bimal Jain 20 May 2015 22628 Views

Service tax rate increased from 12.36% 14% (Subsuming EC and SHEC) effective from June 1, 2015 and Other changesAfter the Hon�ble President has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015, the Ministry of Finance, Departmen

Finance Bill, 2015 enacted: Significant changes under the Central Excise and the Customs

Posted by Bimal Jain 20 May 2015 6931 Views

Dear Professional Colleague,Finance Bill, 2015 enacted: Significant changes under the Central Excise and the CustomsThe Hon�ble President has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015. Accordingly, the Finance Bill, 2015

CBEC clarifies - Dealer Registration not mandatory for transit sale

Posted by Bimal Jain 08 May 2015 7562 Views

Background: Vide Notification No. 8/2015-C.E. (N.T.), dated March 1, 2015, the following provisos were added to Rule 11(2) of the Central Excise Rules, 2002 (�the Excise Rules�) "Provided also that if the goods are sent directly to a

Credit of Education Cess & SHEC can be used for payment of Excise Duty by Manufacturers

Posted by Bimal Jain 04 May 2015 37014 Views

Credit of Education Cess & SHEC can be used for payment of Excise Duty by Manufacturers and Gist of Other important Notifications - LS passed Finance Bill, 2015 The Lok Sabha passed the Finance Bill, 2015 which includes various tax proposals pres

CBEC clarifies - Clearance from DTA to SEZ is Export and eligible for rebate of duty

Posted by Bimal Jain 01 May 2015 17852 Views

Dear Professional Colleague, CBEC clarifies - Clearance from DTA to SEZ is Export and eligible for rebate of duty Background: In the Union Budget, 2015 vide Notification No. 06/2015-C.E. (N.T.) dated March 1, 2015 (Effective from March 1, 2015), E

Demand of Service tax on the amount credited/ debited to suspense

Posted by Bimal Jain 02 May 2021 17277 Views

Dear Professional Colleague,Demand of Service tax on the amount credited/ debited to suspense account for the period prior to May 10, 2008 is not exigible to Service taxWe are sharing with you an important judgment of Honble CESTAT, Chennai, i

Increase in time limit for availing Cenvat credit on Input services and Inputs

Posted by Bimal Jain 06 April 2015 37712 Views

Dear Professional Colleague,Increase in time limit for availing Cenvat credit on Input services and Inputs Whether applicable on invoices issued prior to March 1, 2015?Till September 1, 2014, there was no time limit prescribed under the Cenva

Key Takeaways of the Foreign Trade Policy, 2015-2020

Posted by Bimal Jain 03 April 2015 18188 Views

Dear Professional Colleague,Greetings!!!May lord Mahavir bless you and your family abundantly and fill your life with the virtue of Truth, Nonviolence, Happiness and External compassion.Happy Mahavir Jayanti......Foreign Trade Policy 2015-20 Unveiled

Changes in service tax from 1st April 2015

Posted by Bimal Jain 01 April 2015 126663 Views

New Service tax rate of 14% is not effective immediately and shall come into effect only from a date to be notified later:The Union Budget, 2015 has proposed an increase in the rate of Service tax from 12.36% to flat 14% with abolishment of Education